Core execution principle
Moneta Funded accounts operate in a simulated trading environment designed to reflect real-market execution conditions as closely as reasonably practicable.
The price displayed on the platform is the current best Bid or Ask price. However, that price may only be available for a limited volume. If the full order cannot be executed at that price, the remaining volume may be processed at subsequent price levels, resulting in a different average execution price.
Why Can Execution Differ From the Displayed Price?
Moneta Funded's Programs are designed to simulate real-market conditions. As part of this simulation, execution may reflect changing liquidity, Bid/Ask spreads, execution latency, partial fills and price slippage.
Free Trial and Competition Accounts
Important exception
Free Trial and Competition accounts use a simplified demo execution model and do not apply simulated slippage or execution delay.
Execution on these accounts may therefore differ from Challenge and Funded accounts, which are designed to more closely reflect real-market execution conditions through simulated liquidity, slippage and execution latency.
Bid and Ask Prices
Every instrument has two prices:
Buy positions open at the Ask and close at the Bid.
Sell positions open at the Bid and close at the Ask.
Many charts display only the Bid price. Therefore, the execution price may appear different from the price visible on the chart.
Stop Loss example
A SELL position is closed using the Ask price. The Ask may reach a Stop Loss even when a chart that displays only Bid appears not to have touched that level.
What Is Slippage?
Slippage is the difference between the best Bid or Ask price when an order is submitted or triggered and the final execution price.
Liquidity may be distributed across several price levels. If the full order volume is not available at the best price, the order may be processed using the next available prices.
Example
Available Ask Price | Available Volume |
4030.20 | 2 lots |
4030.30 | 2 lots |
4030.40 | 3 lots |
A 5-lot market BUY may be processed as:
Execution Price | Filled Volume |
4030.20 | 2 lots |
4030.30 | 2 lots |
4030.40 | 1 lot |
Average execution price: approximately 4030.28
This example is for illustration only. Actual execution depends on the instrument, order size and conditions at the time the order is processed.
Can Slippage Occur During Normal Market Conditions?
Yes. Slippage is not limited to news releases or periods of high volatility. It may occur because of:
available liquidity;
order volume;
spread changes;
price updates during execution;
execution latency.
Slippage may be positive or negative. A difference between the best Bid or Ask price and the final execution price does not automatically indicate a platform error.
How Does Slippage Affect Stop Loss Orders?
A Stop Loss is a trigger level, not a guaranteed execution price.
Once triggered, the closing order is processed at the best available simulated execution price. During fast price movement, a gap, reduced liquidity or a changing spread, the final closing price may differ from the Stop Loss level.
This is why the Stop Loss level shown on the order and the final closed price are not always identical.
What Is Spread Widening?
The spread is the difference between the Bid and Ask price. The spread can widen when liquidity changes or market activity increases.
A wider spread can affect both the price at which an order triggers and the account's floating Equity. This is especially important for positions close to a Stop Loss, Daily Loss level or Maximum Loss level.
What Happens During News, Rollover and Weekend Gaps?
During major news events, session transitions, rollover periods and weekend reopenings, prices and available liquidity may change rapidly. This can result in widened spreads, price gaps, slippage and different execution prices.
RISK MANAGEMENT REMINDER
If a market gaps beyond a Stop Loss level, the Stop Loss can trigger but the trade may close at the next available simulated execution price rather than the requested Stop Loss price.
For program-specific news and gap restrictions, traders should also review the relevant News Trading and account-rules articles.
Can Execution Price Affect Daily Loss or Maximum Loss?
Yes. The final execution price affects the trade result and your account Equity.
If the account is close to the Daily Loss or Maximum Loss limit, even a small change in execution price or spread can cause Equity to cross the breach level.
Important: The balance shown after the trade is closed may not reflect the lowest Equity reached while the position was still open or being closed.
What Can Support Review?
Depending on the platform and information available, Support may review the account number, trade ticket, symbol, order direction, volume, trigger/requested price, final execution price and relevant timestamps.
The presence of slippage, spread movement or a different execution price does not by itself establish that a technical malfunction occurred.
External Educational References
The following third-party sources are provided for general educational purposes only. Moneta Funded is not affiliated with these companies and does not claim to use their liquidity or execution infrastructure.
cTrader - Depth of Market - shows how liquidity can be distributed across different price levels and how order size can affect average execution price.
cTrader - Trading Conditions and Slippage - explains how orders may be filled using a volume-weighted average price rather than entirely at the top-of-book price.
Pepperstone - Top-of-Book Liquidity - explains how limited volume at the quoted price can result in a different execution price.
Important
All trading on Moneta Funded accounts is simulated. Orders are not routed to live financial markets.
Quick Summary
Challenge and Funded accounts simulate real-market execution conditions.
Buy orders use Ask to open and Bid to close; Sell orders use Bid to open and Ask to close.
Slippage can occur in normal or volatile conditions and may be positive or negative.
Stop Loss is a trigger level and does not guarantee an exact execution price.
Spread, liquidity, order volume, gaps and latency can affect final execution.
Execution prices can affect Equity and drawdown monitoring.
Free Trial and Competition accounts do not apply simulated slippage or execution delay.